Real Estate

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Mortgage rates exceed 7%, pressuring prices

Article

Mortgage rates exceed 7%, pressuring prices

The housing market isn't helping America's affordability woes. In order to offload homes in an otherwise stagnant market, sellers started lowering prices even before the average 30-year fixed-rate mortgage reached 7.03% on Thursday. Last month, sellers slashed prices on nearly one in five homes for sale — more than any other month since 2020. Economist Lawrence Yun urges homeowners considering a sale to accept elevated rates as the "new normal." A rate of 7% historically represents a psychological barrier for buyers pushing budgetary limits.

3 min read A Admin

America’s housing affordability crisis is entering another difficult phase as mortgage rates climb back above 7% and sellers increasingly cut asking prices to attract buyers. The average rate on a 30-year fixed mortgage reached 7.03% on Thursday, creating...

Apple’s leasing strategy could transform its business model

Article

Apple’s leasing strategy could transform its business model

Apple’s recently announced leasing program marks a new era that could reframe “the psychology of the purchase” and eventually become one of the primary ways Americans obtain iPhones, Macs, and other devices, Bloomberg reports. While developing the plan, executives envisioned a future where hardware and services could be bundled into a single subscription, potentially transforming the company’s business model. The launch of the program, dubbed Upgrade, comes at a time when Apple is raising its prices. Its first foldable iPhone, expected to debut in September, is projected to cost over $2,000.

1 min read A Admin

Apple’s recently announced leasing program signals a potential shift in how consumers acquire its products. According to Bloomberg, the initiative could reshape “the psychology of the purchase” and eventually become a primary way Americans obtain...

Home sales slide as record prices deter would-be buyers

Article

Home sales slide as record prices deter would-be buyers

Existing home sales declined 2.4% in June, surprising analysts, data released Thursday by the National Association of Realtors shows. Housing inventory was relatively low, driving up prices, with the median price of an existing home selling for a record-breaking $440,600. The Northeast was the only region where home sales didn't decline. NAR's chief economist, Lawrence Yun, expressed optimism about the coming months, telling CNBC, "job gains—more than half a million since the beginning of the year—will continue to provide support for the housing market."

1 min read A Admin

Existing home sales declined 2.4% in June, falling short of analysts’ expectations. The data, released Thursday by the National Association of Realtors, highlights ongoing challenges in the housing market. Low housing inventory continues to put upward...

Saks exits Chapter 11, rebrands as Exemplar Luxury Group

Article

Saks exits Chapter 11, rebrands as Exemplar Luxury Group

Roughly half a year after filing for Chapter 11, retail giant Saks Global has emerged from bankruptcy protection, and changed its name to Exemplar Luxury Group. The company — which owns Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — says it has cut its debt by 75% and secured $500 million in new funding. CEO Geoffroy van Raemdonck, who was appointed to lead Saks' restructuring, tells The New York Times the new-look company will focus more exclusively on higher-end retail, pledging to "reimagine what the luxury experience is."

1 min read A Admin

Roughly six months after filing for Chapter 11 bankruptcy protection, retail giant Saks Global has successfully emerged from restructuring. As part of its fresh start, the company has officially changed its name to Exemplar Luxury Group. The luxury retailer...